Blockchain

The very little that I've learnt

Blockchain

The technology behind cryptocurriencies

Attributes of blockchain

Consensus

  • all parties in the business network agree on the kind of information to be captured about an asset

Provenance

  • parties are able to trace records (of an asset) to its source

Immutability

  • records in a ledger cannot be altered or removed

Finality

  • when a transaction is committed there is no rolling back

The basic idea

The basic idea

Shared ledger

  • Append-only distributed system of record shared across business network

Privacy

  • Transactions are secure, authenticated & verifiable

Smart contract

  • Business terms embedded in transaction database & executed with transactions

Trust

  • Transactions are endorsed by relevant participants

Use cases

Private vs Public blockchain

Permissionless blockchain

  • anyone can join the network. E.g., bitcoin, ethereum,

Permissioned blockchain, or private blockchain

  • requires pre-verification of the participating parties within the network

  • these parties are usually known to each other.

Hyperledger Fabric

An implementation of blockchain technology that is intended as a foundation for developing blockchain applications

Key technical features:

  • A shared ledger and smart contracts implemented as "chaincode"
  • Privacy and permissioning through membership services
  • Modular architecture and flexible hosting options

Hyperledger fabric

Hyperledger composer

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